Cameroon to revive its vehicle insurance fund

Since June 22, 2015, parliamentarians have been examining a draft law on the establishment of the Cameroon motor insurance fund.

Through the implementation of this structure long claimed by local insurers, the Cameroonian Government thus accesses a prescription of the inter-African Conference of insurance markets (CIMA), the regulator of the insurance sector in Central and West Africa.

According to the insurers, this structure will ensure inclusive support to victims of traffic accidents (3rd leading cause of death in the Fanaf space behind malaria and AIDS), and will contribute, overall, to a significant improvement of the system of compensation for the tangible risk of insured persons.

In Africa, Cameroon was one of the pioneers in relation to the creation of this type of structure. But, implemented during the years 1964-1965, the Cameroonian motor insurance fund had to be liquidated in the 1990s. The project for the creation of a new fund is currently being examined, 14 years after the expiry of the deadline set by CIMA.